Market Update

Market Watch

Thursday 15 January 2015

Accurate Mcx Tips Market Updates; Gold inches up on softer equities

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In Mcx Gold ticked up on Thursday after Asian equities mostly extended falls on global growth concerns, but the metal stayed below a 12-week high as a sell-off in commodities took a toll. Spot gold rose 0.1 percent to $1,230.86 an ounce by 0045 GMT. The metal rose to a high of $1,244 on Wednesday, its highest since Oct. 23, before paring gains to close flat. Gold was sold off along with copper, which slid to a 5-1/2-year low on Wednesday after the World Bank cut its global growth forecast.
Oil prices at near six-year lows also did not help gold, though they did rebound on Wednesday in their biggest surge in two-and-a-half years as traders turned away from the bearish pressures of a worldwide glut to cover themselves on expiring options. The bearish mood towards commodities failed to offset weak U.S. retail sales data that would have typically boosted safe-haven bids for the metal.
The dollar nursed losses early on Thursday, having retreated across the board after a surprisingly big fall in U.S. retail sales pulled U.S. yields sharply lower. Gold is facing a test of strength after an early January rally lifted it back towards a band of resistance above $1,250, a successful break of which could indicate it has bottomed out at its 2014 low. Struggling gold miners are turning increasingly to alternative sources of finance for funds as banks and equity investors shy away.

Tuesday 13 January 2015

Today Mcx Tips Bullion Market Updates; Gold glitters on seasonal demand

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In Bullion Markets Gold extended gains on Tuesday to climb to its highest since October, boosted by safe-haven demand triggered by a continued slump in oil prices and weakness in some equities markets. Asian stocks were mostly firmer on Tuesday after benign Chinese economic data, but concerns lingered, with oil trading close to its lowest in nearly six years.
Riding on wedding season demand from jewelers and a firming global trend, gold regained its sheen with prices rising by Rs 230 to Rs 27,480 per ten gram at the bullion market today.Gold, typically seen as an alternative investment to riskier assets such as stocks, rose as investor’s channeled money into the asset along with other safe havens such as the yen. Spot gold rose as far as $1,238.81 an ounce, its highest since Oct. 23.
In Mcx Silver also rebounded by Rs 400 to Rs 37,250 per kg on increased off take by industrial units and coin makers. In line with a general firm trend, silver ready recovered by Rs 400 to Rs 37,250 per kg and weekly-based delivery by Rs 415 to Rs 37,245 per kg. On the other hand, silver coins continued to be traded at last level of Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.

Thursday 8 January 2015

Live Mcx Tips; Gold ticks up with oil, but capped by strong US data

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Gold inched higher on Thursday along with an uptick in oil prices, but gains were capped by the strength in the dollar and strong U.S. economic data that reduced the metal's appeal as a hedge.

  • Spot gold edged up 0.2 percent to $1,212.63 announce by 0045 GMT. The metal fell 0.7 percent in the previous session, ending a three-day winning streak.
  • Prices had climbed to a three-week high on global equities concerns over a Greece exit of the euro zone if a left-wing party that wants to cancel austerity measures wins the Jan. 25 elections.
  • But gold lost some ground on Wednesday as stocks edged up after recent sharp losses and as minutes from the Federal Reserve's policy meeting in December showed the U.S. central bank maintaining the status quot on interest rates.
MCX SILVER March contract was trading at Rs 37566 down Rs 348, or 0.92 percent. The SILVER rate touched an intraday high of Rs 37707 and an intraday low of Rs 37482. So far 5384 contracts have been traded. SILVER prices have moved down Rs 8411, or 18.29 percent in the March series so far.
Gold prices are at their highest level relative to oil since the late 1990s as bullion holds its appeal while crude's downward spiral shows no sign of ending amid rising supplies and lackluster demand.
Rallies could be capped by strength in the dollar, which is hovering near a nine-year peak against a basket of major currencies.

Tuesday 6 January 2015

Get Mcx bullion tips; Gold prices firm above $1,200

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Today in Mcx Gold prices rose by 0.28 percent to Rs 27,030 per 10 grams in futures trade today as speculators created fresh positions, taking positive cues from the global market. At the Multi Commodity Exchange, gold for delivery in far-month April contracts was up by Rs 76, or 0.28 per cent, to Rs 27,030 per 10 grams in a business turnover of 1 lot. Spot gold had risen 0.7 per cent to $1,197.30 an ounce by 0727 GMT after dropping as much as 0.5 per cent in early Asian hours.
Prices on the Shanghai Gold Exchange were about $7 an ounce higher than the global benchmark, an indication of good demand. Premiums were about $4-$5 last week. The metal for delivery in February was trading higher by Rs 64, or 0.24 per cent, to Rs 26,794 per 10 grams in a turnover of 396 lots. According to analysts, a firming trend in global market where gold extended gains from one-month low, influenced the precious metal in futures trade.
Oil edged up on Tuesday, recovering from a five percent plunge in the previous session that saw prices touch fresh 5-1/2 year lows in an oversupplied market. Growth in oil supplies showed no sign of abating, with output in Russia hitting a record high in 2014 and exports from OPEC's second largest producer Iraq the highest since 1980. Jitters over political uncertainty in Greece drove investors out of risk assets globally to safe haven bonds.